Strong Aussie dollar impacting the Pacific

first_imgDespite the Australian dollar falling by more than one US cent this week, the soaring currency has had no impact on boosting the Pacific’s tourism revenue, according to the ANZ’s Chief Asia Pacific Economist.The rising Australian dollar has gone from just over US$0.60 to its currently trading worth of just over an impressive US$1.00.ANZ’s Chief Asia Pacific Economist Paul Gruenwald said the rise in the Australian dollar is negatively affecting businesses and retail spending in Pacific counties.Mr Gruenwald recently told Radio Australia’s Pacific Beat program that the currency’s purchasing power has resulted in people bypassing the regions tourism altogether.“The attractiveness of going abroad is enhanced because of the higher currency,” Mr Gruenwald said.“But it looks like Australian tourists are actually substituting away from the pacific and going in larger numbers to markets like the US and Europe, so the Pacific has actually not experienced a large increase in tourists from Australia and New Zealand,” Mr Gruenwald said. Source = e-Travel Blackboard: S.Plast_img

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